Condominium
More Pretending to Be a Coop: Confessions of a Condominium
As we turn the corner toward Halloween, a time of year when people dress up and pretend to be someone else, let’s revisit the subject of condominium boards that like to pretend they are coop boards. Let’s take a minute to review. A coop typically has a right of approval of a purchase transaction. That …
READ MORE
The Coop / Condo Abatement: New Rules That Any Real Estate Expert Needs to Know
NYC real estate taxes are an important component of value, and recent developments in this area require close attention. This abatement gives eligible coop and condominium owners a reduction in their real estate taxes. Here are the changes that were recently enacted. Primary residence: The apartment must be the owner’s primary residence to be eligible …
READ MORE
Managing Clients’ Expectations In A Seller’s Market – Part 2/2
In my last issue I wrote about managing a client’s expectations in order to avoid turning a happy client into an unhappy (non-referral source) one. Here are a few rules I have come up with to put that plan into effect. Be careful about telling a buyer we have a deal: We know that a …
READ MORE
Flip Taxes and the GFE
GFE disclosure rules are unforgiving when it comes to under-disclosing. But most loan officers have become adept at accurately disclosing and GFE refunds are less frequent than before. Hopefully my efforts in this column to educate the banking community has helped, and of course don’t forget the comprehensive closing cost brochures for NYC and the …
READ MORE
To Inspect or Not to Inspect: That Is the Question
Among the most frequently asked questions of buyers of cooperative and condominium apartments is whether they should engage a professional engineer to inspect the apartment before buying. Like many issues in New York real estate, the answer is not always straight-forward. When evaluating whether to hire an engineer, or professional home inspector, let’s first re-examine …
READ MORE
Is My Building Really Worth Less Than my Apartment?
Building financial statements have taken on a new found prominence in the age of tough bank underwriting, as institutional lenders are now scrutinizing these reports to determine whether the collateral – the apartment being financed – as opposed to the borrower, are worthy of extending a loan. But to the non-CPAs in the crowd, these …
READ MORE
Pretending to Be a Coop: Confessions of a Condominium
I used to study the violin when I was a teenager. Home alone in the summer practicing it could get boring, so I would imagine walking onstage to the roar of applause as guest concert master at the Moscow Philharmonic, and having to stand and then sit again three times just to calm the ecstatic …
READ MORE